ED » Topics » Option Grants In Last Fiscal Year (2004)
This excerpt taken from the ED DEF 14A filed Apr 5, 2005.
Option Grants In Last Fiscal Year (2004)
Number of Shares Underlying Options Granted
% of Total Options Granted to Employees In 2004
Exercise or Base Price
Grant Date Present Value(1)
Eugene R. McGrath
Joan S. Freilich
John D. McMahon
Stephen B. Bram
The grant date present values were calculated using the Black-Scholes option-pricing model applied as of the grant date (February 12, 2004). The values generated by this model
depend upon the following assumptions: an expected life of six years after the grant date; a constant dividend yield on the underlying stock of 5.66 percent; an assumed annual volatility of the underlying stock of 21.44 percent; and a risk-free rate
of return for the option period of 3.35 percent. The market value on the grant date is the closing price of the Common Stock on the day preceding the grant date. No discount was made for restrictions on transfer or vesting.
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